Mountain Resort Real Estate Fund SICAV

The sole purpose of the company is the management of its assets or compartments in the form of collective capital investments in accordance with the LPCC and its ordinances (the "Collective Investment Schemes Act") as well as the formation of the share capital of investors and the distribution activity of their investor shares. The real estate SICAV invests the Investor compartment(s), as defined in Art. 3 para. 4, in direct and indirect investments in the real estate sector, in the field of tourist residence or the hotel sector. Investments will be made primarily in tourist areas, particularly in mountain regions, throughout Switzerland. To achieve this goal, the real estate SICAV invests in real estate values within the meaning of Art. 59 LPCC, namely, in particular, in buildings and their accessories. The real estate SICAV may also invest all or part of its assets or the assets of its compartments to the extent authorized by the investment regulations. The investment policy and its restrictions as well as the techniques and instruments of investment are governed in detail in the investment regulations. Subject to the short-term securities needs of the real estate SICAV, the Board of Directors has a policy of investing the Entrepreneurs compartment in bonds, notes and other debt securities or claims with fixed or variable income, denominated in Swiss francs, of the Swiss Confederation as well as sight and time deposits with banks having their registered office in Switzerland with a maturity of up to twelve months. The real estate SICAV may also acquire the necessary movable and immovable assets for the direct exercise of its activities. The real estate SICAV may, within the limits set by law, take all measures and perform all operations that it deems relevant and appropriate to achieve its purpose.